Frenemies at the gates − speech by Rebecca Jackson

SpeechIntroductionWhen I spoke to you last year, I reflected on a series of record-breaking highs we had seen in global equities markets, and the corresponding impact that had on prime brokers’ balance sheets. Those rising equities valuations mechanically translated into higher prime financing balances. As funding capacity became more constrained, spreads widened significantly in wholesale equities financing markets. In response to these unique supply and demand dynamics, we saw the emergence of new partici ...